decrypt.co
Cash App users can now send and receive Bitcoin using the Lightning Network. Cash App Bitcoin Product Lead Michael Rihani announced the news today via Twitter and the platform's help page confirmed it.
Previously, the Cash App users could only send Bitcoin via the Lightning Network. But now they can also use the solution to receive the cryptocurrency, too.
The Lightning Network is a "second-layer solution" that works to speed up Bitcoin transactions so the cryptocurrency can be used to make smaller purchases.
You can now receive #bitcoin instantly via the Lightning Network in @CashApp! ⚡
- Open Cash App
- Money tab -> Bitcoin
- Share QR code or linkWhat do you think?
Try it by sharing your link below 👇 pic.twitter.com/rg1BbzyLMB
— Michael Rihani⚡️ (@MichaelRihani) October 25, 2022
It speeds up Bitcoin transactions and reduces costs by routing transactions through channels without needing to use the main Bitcoin blockchain—instead settling those transactions later.
Proponents of the solution solution say it will help achieve wide-scale adoption of the world's biggest digital asset as people will be able to use it for everyday purchases.
The Cash App website says that with Lightning there is "typically little to no fees involved, and it’s used to send smaller amounts of Bitcoin." There is a $999 limit every seven days with the Lightning integration, according to the site.
Sending and receiving Bitcoin via Lightning on Cash App is only available to U.S. customers—except those in New York State, the app's website adds.
Cash App is a popular mobile payment platform launched by fintech giant Block, formerly Square, a company run by ex-Twitter CEO and Bitcoin preacher Jack Dorsey.
The app is only available in the U.S. and U.K. but boasts over 44 million monthly users.
In April, Block announced a "paid in Bitcoin" for Cash App users, which allows people to receive all or a portion of their paycheck in the cryptocurrency.
Jack Dorsey has long spoken about how Lightning will be a game-changer: Last year, before he left Twitter, he said he wanted to integrate the function into the social media platform.